SOCIETÀ PER AZIONI REGISTERED OFFICES: VIA IGNAZIO GARDELLA, 2 - 20149 MILAN - ITALY SHARE CAPITAL: EURO 67,378,924 FULLY PAID-UP FISCAL CODE AND MILAN COMPANIES REGISTER NO. 01329510158 - REA NO. 54871 COMPANY REGISTERED TO REGISTER OF INSURANCE AND REINSURANCE COMPANIES --- SECTION I NO.1.00014 COMPANY BEING PART OF VITTORIA ASSICURAZIONI GROUP REGISTERED TO REGISTER OF INSURANCE GROUPS NO.008 SUBJECT TO THE DIRECTION AND COORDINATION EXERCISED BY THE PARENT COMPANY YAFA S.P.A.

97th year of business Consolidated interim financial report at 31 March 2018

Board of Directors’ meeting of 4 May 2018

(Translation from the Italian original which remains the definitive version)

Table of contents Company bodies and officers ........................................................................................................................................ 4

Note on Vittoria Assicurazioni Group .............................................................................................................................. 6

Form and contents of report ........................................................................................................................................... 6

Accounting policies ........................................................................................................................................................ 6

New accounting standards applied from 1st January 2018 ............................................................................................ 7

New accounting standards that are not yet effective ..................................................................................................... 7

Use of estimates ............................................................................................................................................................. 8

Other information ............................................................................................................................................................ 8

Interim management report ............................................................................................................................................ 9

Summary of key performance indicators of the Group ................................................................................................. 10

Consolidation Scope ..................................................................................................................................................... 11

Directors’ Report ........................................................................................................................................................... 14

Performance of the Group ............................................................................................................................................ 14

Review of operations .................................................................................................................................................... 18

Premiums.................................................................................................................................................................. 18

Commercial organization ......................................................................................................................................... 19

Life business ............................................................................................................................................................ 20

Non-Life business..................................................................................................................................................... 21

Products – Research and development ................................................................................................................... 22

Technical reserves ................................................................................................................................................... 23

Overhead costs ........................................................................................................................................................ 24

Operating costs ........................................................................................................................................................ 24

Employees ................................................................................................................................................................ 25

Investments – Cash & cash equivalents - Property.................................................................................................. 26

Financial liabilities .................................................................................................................................................... 29

Gains and losses on investments............................................................................................................................. 30

Equity........................................................................................................................................................................ 31

Significant events occurring after quarter-end......................................................................................................... 31

Consolidated interim financial statements .................................................................................................................... 33

Declaration of Corporate Financial Reporting Manager ............................................................................................... 381

3

Company bodies and officers

BOARD OF DIRECTORS Carlo ACUTIS Emeritus Chairman Andrea ACUTIS Chairman Roberto GUARENA Deputy Chairman Cesare CALDARELLI Chief Executive Officer Adriana ACUTIS BISCARETTI di RUFFIA Director Marco BRIGNONE Independent director Giorgio Roberto COSTA Director Lorenza GUERRA SERÀGNOLI Independent director Giorgio MARSIAJ Independent director Maria Antonella MASSARI Independent director Marzia MORENA Independent director Luca PAVERI FONTANA Director Giuseppe SPADAFORA Independent director Roberta URBAN Independent director Laura MILANO Secretary

BOARD OF STATUTORY AUDITORS Giuseppe CERATI President Giovanni MARITANO Standing statutory auditor Francesca SANGIANI Standing statutory auditor

Monica MANNINO Substitute statutory auditor Maria Filomena TROTTA Substitute statutory auditor GENERAL MANAGEMENT Claudio RAMPIN Joint General Manager Matteo CAMPANER Deputy Director Paolo NOVATI Deputy Director Luca ARENSI Central Manager Adriano CHIOETTO Central Manager Maurizio MONTICELLI Central Manager Giuseppe TRAVERSO Central Manager Enzo VIGHI Central Manager INDEPENDENT AUDITOR Deloitte & Touche S.p.A.

4

APPOINTMENTS AND REMUNERATION COMMITTEE Maria Antonella MASSARI Independent non-executive president

Giuseppe SPADAFORA Independent non-executive member Roberta URBAN Independent non-executive member INTERNAL CONTROL COMMITTEE Giuseppe SPADAFORA Independent non-executive president

Maria Antonella MASSARI Independent non-executive member Roberta URBAN Independent non-executive member FINANCE COMMITTEE

Andrea ACUTIS Non-executive president

Adriana ACUTIS BISCARETTI di RUFFIA Non-executive member Carlo ACUTIS Non-executive member Cesare CALDARELLI Executive member Giorgio Roberto COSTA Non-executive member Luca PAVERI FONTANA Non-executive member Giuseppe SPADAFORA Independent non-executive member REAL ESTATE COMMITTEE

Andrea ACUTIS Non-executive president

Adriana ACUTIS BISCARETTI di RUFFIA Non-executive member Carlo ACUTIS Non-executive member Cesare CALDARELLI Executive member Giorgio Roberto COSTA Non-executive member Marzia MORENA Independent non-executive member Luca PAVERI FONTANA Non-executive member Giuseppe SPADAFORA Independent non-executive member RELATED PARTIES COMMITTEE

Roberta URBAN Independent non-executive president

Marco BRIGNONE Independent non-executive member Giuseppe SPADAFORA Independent non-executive member STRATEGIES COMMITTEE

Andrea ACUTIS Non-executive president

Carlo ACUTIS Non-executive member Cesare CALDARELLI Executive member Luca PAVERI FONTANA Non-executive member Giuseppe SPADAFORA Independent non-executive member Roberta URBAN Independent non-executive member

5

Note on Vittoria Assicurazioni Group Vittoria Assicurazioni is part of the Vittoria Assicurazioni Group, registered in the Register of Insurance Groups envisaged in Article 85 of the Italian Code of Private Insurance Companies (with registration number 008). Since 29 June 2017 Vittoria Assicurazioni S.p.A. is subject to management and coordination of Yafa S.p.A., the ultimate Italian parent company of the Vittoria Assicurazioni Group, and it is bound to ensure compliance of measures which the same Yafa S.p.A. adopts for the implementation of the current legislation and requirements issued by the IVASS in the interest of the stable and efficient management of the Group. Yafa S.p.A., controls Vittoria Assicurazioni through the participatory chain formed by Yafa Holding S.p.A. and Vittoria Capital S.p.A.. The areas under management and coordination of the Parent Company Yafa S.p.A. are set out in the Group Regulations, which governs the obligations of subsidiaries with reference to the activities required by the Parent Company to carry out the tasks provided by the current group solvency rules, control of intragroup transactions and risk concentration management. The Regulation also aims to leave the Vittoria Assicurazioni's Board of Directors' duties and responsibilities unmistakable with regard to the strategic guidelines of their competence, particularly for business strategy decisions, in accordance with the subjects provided by the Parent Company. The Regulation provides a differentiated management of the scope of application of intergroup co-ordination by delegating to Vittoria Assicurazioni the management and coordination of its subsidiaries and of all its supervisory and risk management bodies currently implemented as set out in Regulation 20, while to Yafa S.p.A., the direct direction and direct coordination of the other subsidiaries. This Report refers to the consolidated data of Vittoria Assicurazioni S.p.A., whose scope of consolidation is illustrated on page 11. Therefore, from now on in this report, the Group definition refers to Vittoria Assicurazioni S.p.A. and to companies consolidated by it.

Form and contents of report

This report is prepared in accordance to IFRS/IAS and is compliant to Article 154/3 of d.lgs. no. 58/1998. It consists of a directors’ report, which comments on the group’s performance and the main events in the period, the interim financial statements ruled by the ISVAP Regulation no.7/2007 and related notes. All insurance technical data, shown in the various tables in the report on operating performance, refer to Vittoria Assicurazioni S.p.A., which is the Group’s only insurance company.

Accounting policies The rules for preparation and the accounting policies applied for the consolidated interim management report are the same as those used for annual consolidated financial statements, except for those that came into effect starting from 1st January 2018, to which reference should be made to the following paragraph . Readers should therefore refer to the ‘‘Accounting Policies’’ section of the Consolidated Annual Report for the year ended on 31 December 2017. Given, however, the faster preparation required than in the case of annual financial statements and the fact that this is an interim report, use has been made --- consistently with the period’s operating data --- of appropriate estimation methods. Where it was deemed necessary, in case of changes in accounting policies or reclassifications, the comparative figures are restated and reclassified to provide uniform and consistent disclosures.

6

New accounting standards applied from 1st January 2018 IFRS 15 Revenue from Contracts with Customers. The standard replaces IAS 11 "Constructions Contracts" and IAS 18 "Revenue" principles. Insurance contracts are outside the scope of this standard, therefore the areas of potential impact for insurance companies are related to contracts that include non-insurance services and the recognition of revenues linked to asset management. Qualitative analysis has not showed significant impacts for the Group.

New accounting standards that are not yet effective IFRS 9 Financial Instruments (replacement of IAS 39). On 24 July 2014, the International Accounting Standards Board (IASB) published the International Financial Reporting Standards (IFRS) 9 - Financial Instruments. The principle aims to emphasize on certain aspects:

• fair value for all instruments not only the ones remunerate the credit risk; • logic of credit risk monitoring (including financial instruments consist of bonds), which enable the early

detection and proper assessment of signs of impairment for evaluation purposes; • adoption of predictive indicators (forward looking) and more stringent presumptions with respect to

the practice; • greater correlation between returns on financial instruments and risk (relative risk approach).

The application is mandatory as of 1st January 2018 following the approval of 29 November 2016. In September 2016, the amendment ‘‘Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts Amendments to IFRS 4’’ Which allows insurance companies to postpone the entry into force of IFRS 9 (so-called ‘‘deferral approach’’) to a maximum of 2021 or allows to suspend the greater volatility introduced by the new principle on individual securities (so-called ‘‘overlay approach’’). Vittoria Assicurazioni, based on preliminary analysis, believes that it meets the requirements of paragraph 20B of IFRS 4, which allow temporary exemption from IFRS 9 (c.d. deferral approach). In fact, the Group's activities are mainly linked to insurance business. The Group's liabilities connected with the insurance business mainly include:

- liabilities falling within the IFRS 4 scope; - financial liabilities measured at fair value through profit and loss on the basis of IAS 39, relating to

contracts issued for which the investment risk is supported by policyholders; - tax liabilities related to insurance business.

During the year, the necessary phases of study will continue in order to verify the correct classification of the existing portfolio and the related impacts. IFRS 16 Leases (replacement of IAS 17). Qualitative analysis has not showed showed significant impact on the Group. Entry into force is fixed for the 1st January 2019.

7

IFRS 17 Insurance contracts. On 28 May 2017, the IASB published the Standard on Insurance Contracts, IFRS 17. The standard valuation methodology is based on three accounting models that allow the estimation of insurance contracts at current values:

- ‘‘Building Block Approach’’ based on the expected future cash flows, weighted and corrected for a risk factor that includes the expected contractual service margin (‘‘Contractual Service Margin’’) at the time of the subscription of the contract;

- Premium Allocation Approach, an alternative and simplified model with respect to the general accounting model applicable to insurance contracts with a contractual coverage of less than one year;

- Variable Fee Approach, an alternative model to the general accounting model applicable to the direct participations contracts accounting to take into account the commissions for managing the underlying assets recognized by the Company.

The entry into force is set for the 1st January 2021, leaving the possibility of an early application (if IFRS 9 and IFRS 15 are applied). Vittoria Assicurazioni, in 2017, undertook the necessary stages of study and analysis of the issues.

Use of estimates Application of IFRSs for the preparation of this consolidated interim management report requires the Group to make estimates that affect the amounts of balance-sheet assets and liabilities and disclosure relating to contingent assets and liabilities as at balance sheet date. Actual results may differ from such estimates. Estimates are used to recognise provisions for insurance liabilities, doubtful debts, depreciation & amortisation, measurements of assets, employee benefits, taxes, and other provisions, funds and fair value informative. The technical reserves evaluation is performed by the Company’s actuaries support and it is subjected to an examination by external actuaries.

Other information Vittoria Assicurazioni S.p.A. exercises its right as provided in article 70, paragraph 8 and article 71, paragraph 1-bis of the Regulations for Issuers, to waive the obligation to publish documents that are required in significant merger, split, share capital increase by transfer of assets in kind, acquisition or transfer operations.

8

Interim management report

9

Summary of key performance indicators of the Group

Legend

1) Loss Ratio --- retained business: is the ratio of current year claims to current year earned premiums; 2) Combined Ratio --- retained business: is the ratio of (current year claims + operating costs + intangible

assets amortization + technical charges) to current year earned premiums; 3) Expense Ratio --- retained business: is the ratio of (operating costs + intangible assets amortization +

net technical charges) to current year gross premiums written; 4) APE: Annual Premium Equivalent, is a measure of the new business volume which includes 100% of

sales of regular recurring premium business and 10% of sales of single premium business. Technical data are determined in accordance with Italian accounting principles. * In this document, the definition of the Group refers to Vittoria Assicurazioni S.p.A. and to companies consolidated by it.

€/million

31/03/2018 31/03/2017 31/12/2017Δ

31/03/2017Δ

31/12/2017

Non Life businessGross Premiums written - direct Non Life business 280.9 263.6 1,148.1 6.6% 0.0Non Life business pre-tax result 33.0 30.7 107.2 7.7% 0.0(1) Loss Ratio - retained 63.6% 63.3% 65.1% 0.3 (1.5)(2) Combined Ratio - retained 88.6% 89.1% 90.0% (0.5) (1.4)(3) Expense Ratio - retained 25.7% 26.3% 24.5% (0.6) 1.2

Life businessGross Premiums written - direct Life business 44.6 48.7 173.2 (8.4)% 0.0 Life business pre-tax result 0.2 1.0 6.2 (78.5)% 0.0 (4) Annual Premium Equivalent (APE) 6.9 7.9 28.4 (12.7)% 0.0 Segregated funds portfolios 1,152.6 1081.7 1,115.2 0.0 3.4%Index/Unit - linked and Pension funds portfolios 76.9 63.7 76.6 0.0 0.4%Segregated fund performance: Rendimento Mensile 2.91% 2.94% 2.93% (0.03) 0.0 Segregated fund performance: Obiettivo Crescita 3.11% 1.99% 3.29% 1.12 Segregated fund performance: Valore Crescente 4.19% 4.72% 4.21% (0.53) 0.0

Total Agencies 444 433 444 11 -

Real Estate business

Sales 4.5 6.4 33.9 (29.7)% 0.0 Trading and development margin 0.8 1.2 6.0 (32.2)% 0.0 Real Estate business pre-tax result (0.6) (0.2) (0.8) n.s. 0.0

31/03/2018 31/03/2017 31/12/2017Δ

31/03/2017Δ

31/12/2017Total investments 3,700.3 3,471.5 3,614.0 0.0 2.4%Net gains on investments 12.0 13.5 47.2 (10.5)% 0.0Pre-tax result 32.3 30.5 110.8 5.8% 0.0Group profit (loss) 22.7 21.8 77.5 4.1% 0.0

Equity attributable to the shareholders of the parent 836.2 759.1 828.6 0.0 0.9%Equity attributable to the shareholders of the parent net of unrealised capital gains

755.5 708.8 751.7 0.0

0.5%0 0 0 0 0

Average of employees 595 604 602 (9) (7)

CONSOLIDATED RESULTS

SPECIFIC SEGMENT RESULTS

*

10

Consolidation Scope

* Unconsolidated investments valued with the net equity method

Vittoria Assicurazioni

Touring Vacanze * 46%

Touring Digital * 45%

Yarpa *27,31%

Interimmobili 100%

Vaimm Sviluppo100%

Immobiliare Bilancia100%

VP Sviluppo 2015100%

Immobiliare Bilancia Prima100%

Acacia 200071,60%

Vittoria Properties100%

Vittoria Immobiliare

100%

Valsalaria A11 * 40%

Mosaico * 45%

Fiori di S. Bovio *40%

VZ Real Estate *49%

Pama&Partners * 25%

Gestimmobili 100%

Valsalaria 51%

Acacia 200028,40%

VRG Domus 100%

Interbilancia 100%

Aspevi Firenze 60%

Assiorvieto Servizi60%

Aspevi Roma *49%

Aspevi Milano * 49%

Plurico 70%

Other businesses consolidated in the Insurance business

Service business

Real Estate business

11

Consolidated investments As at 31 March 2018 the companies included in the consolidated financial statements with the full consolidation method under IFRS 10 are shown in the table below:

Main changes in shareholdings or other changes during the period

V.R.G Domus During the period, the sole shareholder Vittoria Immobiliare S.p.A. has paid the subsidiary €1,600 thousand to the share capital.

NameRegistered offices

Share Capital Euro Direct Indirect Via

Vittoria Assicurazioni S.p.A. Milan 67,378,924

Vittoria Immobiliare S.p.A. Milan 112,418,835 100.00

Interimmobili S.r.l. Rome 100,000 100.00

Immobiliare Bilancia S.r.l. Milan 6,650,000 100.00

Immobiliare Bilancia Prima S.r.l. Milan 3,000,000 100.00

Vittoria Properties S.r.l. Milan 8,000,000 100.00

Interbilancia S.r.l. Milan 80,000 100.00

Vaimm Sviluppo S.r.l. Milan 3,000,000 100.00

VP Sviluppo 2015 S.r.l. Milan 2,000,000 100.00

Acacia 2000 S.r.l. Milan 369,718 71.60 28.40

Gestimmobili S.r.l. Milan 104,000 100.00

V.R.G. Domus S.r.l Turin 800,000 100.00

Valsalaria S.r.l. Rome 60,000 51.00

Assiorvieto Servizi S.r.l. Orvieto 12,500 60.00

Aspevi Firenze S.r.l. Florence 25,000 60.00

Plurico S.r.l. Milan 10,000 70.00

% Ownership

Interbilancia S.r.l.

Vittoria Immobiliare S.p.A.

12

Unconsolidated investments valued with the net equity method At 31 March 2018, as provided under IAS 28, the following companies were carried at equity:

Main changes in shareholdings or other changes during the period No significant changes occurred in the first quarter of the year.

NameRegistered offices

Share Capital Euro Direct Indirect Via

Yarpa S.p.A. Genoa 30,000,000 27.31

Touring Vacanze S.r.l. Milan 12,900,000 46.00

Touring Digital S.r.l. Milan 1,800,000 45.00

Aspevi Milano S.r.l. Milan 100,000 49.00

Aspevi Roma S.r.l. Rome 50,000 49.00

Mosaico S.p.A. Turin 500,000 45.00

Pama & Partners S.r.l. Genoa 1,200,000 25.00

Fiori di S. Bovio S.r.l. Milan 30,000 40.00

Valsalaria A.11 S.r.l. Rome 33,715 40.00

VZ Real Estate S.r.l. Turin 100,000 49.00

Vittoria Immobiliare S.p.A.

% Ownership

Interbilancia S.r.l.

13

Directors’ Report Performance of the Group Results as of 31 March 2018 (1Q18), show a Group net profit amounting to €22,703 thousand vs. €21,810 thousand in the same period in 2017 (1Q17) up by 4.1%. Thanks to the continuous review of the risks in the portfolio, a careful policy of underwriting new risks and a constant pricing revision, the insurance segment result, gross of taxes and intersegment eliminations, amounted to €33,240 thousand, with an increase of 5.0% compared to the result of €31,651 thousand recorded as at 31 March 2017. This result is mainly due to the contribution of the Non-life business, whose combined ratio has decreased from 89.1% to 88.6% with the following line of businesses contribution:

- Non Marine Lines of business showed an increase in premiums written of 1.3%, with a significant improvement in the technical result compared to the same period of the previous year, mainly thanks to the contribution of the General TPL and Fire and natural events;

- Motor Lines of business recorded an overall improvements in premiums written of 8.6%; the decrease in the technical result, which remains positive, is mainly attributable to the reduction in the average premium paid by policyholders, as well as a slight increase in claims frequencies related to the increased circulation of vehicles;

- Specialty Lines of business registered an increase in premiums written of 6.8%, with a positive technical result improved compared to the same period of the previous year, thanks to the actions undertaken over the past years, aimed at achieving the technical balance in the Credit and Surety Line of businesses.

The Group’s comprehensive income statement as at 31 March 2018 amounted to €26,423 thousand, increasing by 96.1% compared to the result of €13,475 thousand as at 31 March 2017. In addition to the result for the year, the changes in unrealized capital gains mainly generated on securities belonging to the bond and UCITs fund portfolio mainly contribute to the statement of comprehensive income. Group equity was €836,192 thousand, up by 0.9% compared with €828,636 thousand as at 31 December 2017 due to the result of the period. Premiums written as at 31 March 2018 amounted to €325,599 thousand (€312,365 thousand as at 31 March 2017), up by 6.6% in the Non-Life business and down by 8.4% in the Life business, the latter due to the policy of containing products with revaluable single premiums linked to segregated funds. The real estate segment posted a negative net result for €602 thousand, compared to the negative net result of €235 as at 31 March 2017. The profit margin on notarial deeds of sale signed as at 31 March 2018 was €784 thousand compared with €1,157 thousand as at 31 March 2017. The slowdown recorded in sales would seem to depend on the still uncertain Italian political scenario. Of investments totaling €3,700,269 thousand (+2.4%) compared with 31 December 2017, €76,894 thousand (+0.4%) related to investments with risk borne by policyholders and €3,623,375 thousand (+2.4%) to investments with risk borne by the Group. Net income from investments with risk borne by the Group amount to €12,018 thousand, compared with €13,430 thousand in the previous period (-10.5%).

14

As up to 31 March 2018 Vittoria Assicurazioni, showed a net profit --- based on Italian GAAPs --- of €22,847 thousand (vs. €21,598 thousand in 1Q17) increasing by 5.8%. Vittoria Assicurazioni’s own funds for Solvency II purposes are largely sufficient to cover the Solvency Capital Requirement. The first quarter result, even considering the short period to which the data refer, allows to confirm the targets of the 2017-2019 three-year business plan. The table below shows Group performance broken down into the various areas of business:

Reclassified Profit and Loss by business segment (€/000)

31/03/18 31/03/17 31/12/17 Δ

Non life business - Gross Result (excluding investments result) 30,434 27,794 104,661 +9.5%

Non life business - Gross Investments Result 2,593 2,865 2,581 -9.5%

Life business - Gross Result 213 992 6,208 -78.5%

Gross Insurance business Result 33,240 31,651 113,450 +5.0%

Elimination from consolidation 0 - 122 n.s.

Insurance business: taxes (10,097) (9,503) (34,621) +6.3%

Insurance business net contribution to Profit attributable to parent company shareholders 23,143 22,148 78,951 +4.5%

Gains on property trading 784 1,157 6,041 -32.2%

Real estate service revenues 468 597 2,320 -21.6%

Real estate business net costs (2,331) (2,486) (9,778) -6.2%Gross Real estate business Result (1,079) (732) (1,417) +47.4% Elimination from consolidation (30) (210) (446) -85.7%

Taxes and minority interests 507 707 1,266 -28.3%Net Real estate business Result (602) (235) (597) n.s.

Net profit attributable to Life business Policyholders 30 18 (237) +66.7% Real estate business net contribution to Profit attributable to parent company shareholders (572) (217) (834) n.s.

Service business net contribution to Profit attributable to parent company shareholders 101 (121) (344) n.s.

Gain (Loss) on discontinued operations 31 0 (290) n.s.

Net Profit attributable to parent company shareholders 22,703 21,810 77,483 +4.1%

Other Comprehensive Income (Loss) net of tax 3,720 (8,335) 18,625 n.s.

Comprehensive Income attributable to parent company shareholders 26,423 13,475 96,108 +96.1%

15

Insurance business Income statement by business and business line reports for the insurance business, before taxes and intersegment eliminations, a result equal to €33,240 thousand (€31,651 thousand in 1Q17 increasing by 5.0%). The key operating items contributing to the period’s result are described below.

Total insurance premiums in 1Q18 amounted to €328,039 thousand (+3.5% vs. premiums of €316,835 thousand in 1Q17), of which €280,992 thousand for Non-Life insurance premiums written, €44,607 thousand for Life insurance premiums written and €2,440 thousand for unit-linked investment contracts and for the Vittoria Formula Lavoro open-ended pension fund.

Direct Life insurance premiums --- which do not include contracts considered to be financial instruments --- featured a decrease of 8.4% vs. premiums in 1Q17.

Direct Non-Life (i.e. property & casualty) insurance premiums increased by 6.6%, specifically:

- Motor premiums progressed by 8.6%;

- Premiums for other non-marine insurance increased by 1.3%;

- Premiums for specialty categories [i.e. marine & transport, aviation, and credit & suretyship] increased by 6.8%.

Overhead costs as a percentage of total direct insurance premiums improved compared to the same period of the previous year, going from 8.4% to 8.1%.

The Non-Life combined ratio and loss ratio on the retained business (based on Italian GAAPs), as at 31 March 2018, were respectively 88.6% and 63.6%. (89,1% and 63.3% as at 31 March 2017).

16

Real estate business The loss made by the real estate business, before taxes and intersegment eliminations, amounted to €1,079 thousand (loss of €732 thousand in 1Q17) and featured contributors to the income statement that, before intersegment eliminations, included:

- Income on notarial deeds of sale for €4,533 thousand (€6,394 thousand in 1Q17);

- Income earned on properties from trading and development totalling €784 thousand (€1,157 thousand in 1Q17);

- Revenues from real estate brokerage and management services of €468 thousand and overall rental income of €795 thousand, for a total amount of €1,263 thousand (€597 thousand and €320 thousand respectively in 1Q17).

The Group’s real estate business includes trading and development, brokerage, and management of own properties.

Service business This segment showed a profit in the period, before tax and minority interest, of €122 thousand (€288 thousand in 1Q17). Revenues for services rendered in 1Q18 by Group companies, before elimination of infra-group services, amounted to €738 thousand (€523 thousand in 1Q17). These revenues included €533 thousand for commissions and services rendered to Vittoria Assicurazioni (€506 thousand in 1Q17).

17

Review of operations

Premiums Premiums as up to 31 March 2018 amounted to € 325,599 thousand. Portfolio breakdown and the changes occurring by business segment and branch are shown in the following table:

Revenues not qualified as premiums as defined by IFRS 4 (Unit Linked contracts and those relating to the Vittoria Formula Lavoro open-ended pension fund) amounted to € 2,440 thousand (€4,470 thousand in 1Q17).

COMPARISON BETWEEN GROSS PREMIUMS WRITTEN IN IQ18 AND IQ17DIRECT AND INDIRECT BUSINESS

(€/000)YoY % of

31/03/2018 31/03/2017 change total book% 2018 2017

Domestic direct business

Life businessI Whole- and term life 43,336 46,434 -6.7 13.3 14.9 IV Health (long-term care) 228 161 41.6 0.1 0.1V Capitalisation 1,043 2,087 -50.0 0.3 0.7 Total Life business 44,607 48,682 -8.4 13.7 15.7

Non-Life businessTotal non-marine lines (exc. specialty and motor) 73,872 72,928 1.3 22.7 23.2Total specialty lines 1,883 1,763 6.8 0.6 0.6Total motor lines 205,159 188,947 8.6 63.0 60.5

Total Non-Life business 280,914 263,638 6.6 86.3 84.3

Total direct business 325,521 312,320 4.2 100.0 100.0

Domestic indirect business

Non-Life business 78 45 73.3 0.0 0.0

Total indirect business 78 45 73.3 0.0 0.0

Grand Total 325,599 312,365 4.2 100.0 100.0

18

Commercial organization The table below shows the geographical spread of agencies and geographical breakdown of premiums for Italian direct business:

During the quarter, a new Agency was established and 12 were reorganized. As at 31 March 2018, Vittoria Assicurazioni is active in Italy with 444 general agencies (433 as at 31 March 2017) and 1,089 professional sub-agencies (1.054 as at 31 March 2017).

(€/000)

Agencies Premiums % Premiums %NORTHEmilia Romagna 35 22,090 3,162Friuli Venezia Giulia 8 2,993 198Liguria 17 10,482 512Lombardy 105 53,593 18,649Piedmont 52 23,856 1,712Trentino Alto Adige 9 3,203 171Valle d'Aosta 1 797 225Veneto 41 16,804 2,076Total NORTH 268 133,818 47.7 26,705 59.9CENTREAbruzzo 12 13,002 1,405Lazio 29 27,046 3,469Marche 18 9,934 1,281Tuscany 51 32,393 2,233Umbria 15 14,025 1,393Total CENTRE 125 96,400 34.3 9,781 21.9SOUTH AND ISLANDSBasilicata 4 2,780 158Calabria 2 785 4Campania 13 11,361 710Molise 2 1,620 180Puglia 6 7,318 6,329Sardinia 11 10,767 203Sicily 13 16,061 537Total SOUTH AND ISLANDS 51 50,692 18.0 8,121 18.2

Total ITALY 444 280,910 100.0 44,607 100.0

France 0 4 0.0 0 0.0

OVERALL TOTAL 444 280,914 44,607

Regions Non-Life Business Life Business

19

Life business Premiums

Direct insurance business premiums recognised for the period totalled €44,607 thousand (€48,682 thousand in 1Q17), split as follows:

In 1Q18 ceded premiums amounted to €313 thousand (€193 thousand in 1Q17). Claims, accrued capital sums & annuities, and surrenders The comparison relating to settlements in the quarter is shown in the following table:

(€/000)

YoY % of31/03/2018 31/03/2017 change total book

% 2018 2017

Recurring premiums 10,849 11,709 -7.3 24.3 24.1Annual premiums 33,758 36,973 -8.7 75.7 75.9Total Life business 44,607 48,682 -8.4 100.0 100.0

(€/000)31/03/2018 31/03/2017 YoY change %

Claims 5,586 7,567 (26.2)

Accrued capital sums & annuities 11,643 14,850 (21.6)

Surrenders 10,480 9,354 12.0

Total 27,709 31,771 (12.8)

20

Non-Life business Premiums and technical performance

Direct premiums written at 31 March 2018 amounted to €280,914 thousand (€263,638 thousand in the same period of previous year) and featured an increase of 6.6% YoY.

Premiums ceded in the first quarter of 2018 amounted to €7,349 thousand (€5,990 thousand in the same period of the previous year).

The technical performance of the individual Businesses prompts the following observations: Non-Life - non-marine (exc. specialty and motor) Non-Marine Lines of business showed an increase in premiums written of 1.3%, with a significant improvement in the technical result compared to the same period of the previous year, mainly thanks to the contribution of the General TPL and Fire and natural events. Non-Life - specialty Premiums in the Specialty Lines of business registered an increase of 6.8%, with a positive technical result improved compared to the same period of the previous year, thanks to the actions undertaken over the past years, aimed at achieving the technical balance in the Credit and Surety Line of businesses. Non-Life - motor Premiums in the Motor Lines of business recorded an overall improvements in premiums written of 8.6% (1.2% YoY). Technical result remains positive even though decreasing compared to the same period of the previous year. This decrease is mainly attributable to the reduction in the average premium paid by policyholders, as well as a slight increase in claims frequencies related to the increased circulation of vehicles. This decrease in the average premium during the first quarter shows that it has stopped. Claims Reported claims The following table of reported claims (by number) was prepared by counting the claims filed during the examined period. The data are compared with those of the same period of the previous year:

Furthermore, no. 30,244 claims referring to ‘‘CARD claims’’ were received (+2.4% YoY). Their total cost, net of applicable deductibles, was €15,849 thousand (+24.1% YoY).

31/03/2018 31/03/2017 31/03/2018 31/03/2017 31/03/2018 31/03/2017

Total non-marine lines 13,080 12,596 3.8% 1,169 1,183 -1.2% 4,212 4,392 -4.1%

Total specialty lines 228 210 8.5% 26 26 0.0% 25 10 150.0%

Total motor lines 68,910 63,386 8.7% 4,529 4,208 7.6% 36,315 34,085 6.5%

Total Non-Life businesses 82,218 76,192 7.9% 5,724 5,417 5.7% 40,552 38,487 5.4%

YoY Change %

Numer of Reported claims YoY Change %

Numer of Reported claims without consequences YoY Change

%

Numer of Reported claims closed

21

Claims paid The following table shows claims paid for direct business and the amount charged to reinsurers, with the data broken down by the period to which claims refer:

The cost includes the amount incurred in the period for the contribution to the guarantee fund for road-accident victims. This totalled €4,124 thousand vs. €3,799 thousand as at 31 March 2017. Claims settlement speed The following table illustrates how quickly reported claims (by number) were paid net of claims eliminated without consequences, broken down by current generation and previous generation in reference to the principal Line of Businesses:

Products --- Research and development Over the period, the review continued for technical operations and regulatory compliance to industry (IVASS, COVIP, CONSOB), of the products of the Life and Non-Life Line of businesses.

(€/000)

Claims paid Claims paid Change31/03/2018 31/03/2017 gross

Current year

Previous years Total

Current year

Previous years Total

claims %

Total non-marine businesses 3,264 21,952 25,216 1,271 3,781 22,183 25,964 612 -2.9 107.6Total Special businesses 8 1,276 1,284 443 43 4,912 4,955 1,831 -74.1 -75.8Total motor businesses 22,905 121,132 144,037 4,307 20,231 107,637 127,869 3,038 12.6 41.8

Total Non-Life businesses 26,177 144,360 170,537 6,021 24,055 134,733 158,788 5,481 7.4 9.9

Claims recovered

from reinsurers

Claims recovered

from reinsurers

Change claims

recovered from

reinsurers %

(percentages)

31/03/2018 31/03/2017 31/03/2018 31/03/2017

Accident insurance 14.25 14.39 23.67 25.48Health insurance 51.14 55.99 39.84 32.17Motor vehicle hulls 57.60 57.92 54.42 55.49Fire and natural events 39.41 37.12 47.74 46.60Miscellaneous damages - theft 44.17 52.47 57.77 61.19Third-party motor liability 54.29 55.16 34.48 31.98Third-party general liability 33.10 34.65 16.15 16.21

previous generationscurrent generation

22

Technical reserves The trend of technical reserves of direct business and ceded business, were as shown in the following table:

The Non-Life ‘‘Other reserves’’ item consists of the ageing reserve of the Health line.

The Life “Other reserves” item mainly refers to:

- €48,956 thousand for the reserve for deferred liabilities to policyholders (of which €53,921 thousand stemming from measurement at fair value of available-for-sale securities and €-4,965 thousand by provisioning made against subsidiaries’ profit allocated to segregated accounts);

- €5,866 thousand for the operating expenses reserve.

(€/000)

31/03/2018 31/12/2017 31/03/2018 31/12/2017

Non-life reserves 1,548,848 1,545,372 -54,747 -57,635

Premium reserve 390,091 398,108 -13,388 -13,403

Claims reserve 1,158,348 1,146,855 -41,359 -44,232

Other reserves 409 409 - -

Life reserves 1,253,091 1,226,741 -5,099 -5,318

Reserve for payable amounts 22,513 23,988 -2,746 -3,037

Mathematical reserves 1,175,626 1,150,436 -2,324 -2,250

Other reserves 54,952 52,317 -29 -31

Total reinsurers' share of technical reserves 2,801,939 2,772,113 -59,846 -62,953

Direct business Ceded business

23

Overhead costs Insurance Business Overhead costs – direct business

The total amount of insurance overhead costs (Non-Life and Life businesses) --- consisting of personnel costs, various general expenses, plus depreciation of tangible assets and amortisation of intangible assets was €26,661 thousand vs. €26,657 thousand as at 31 March 2017, mainly unchanged. Besides current operating expenses, these costs also include depreciation & amortisation costs for investments made in IT facilities and processes. These investments are intended to limit, in future years, the operating costs burdening corporate departments and the agency network, whilst at the same time improving services to policyholders as regards insurance coverage and claims settlement. Their breakdown is shown in the following table, where ‘‘Other costs’’ consist mainly of office running costs, IT costs, legal and legal-entity expenses, mandatory contributions, and association membership dues.

The overhead costs as a percentage of totale direct insurance premiums were 8.1% (8.4% in 1Q17).

Operating costs The following table shows the total amount of insurance operating costs (Non-Life and Life Line of businesses) as reported in the income statement by business segment:

Operating costs as a percentage of total direct retained insurance premiums were 21.9%, unchanged compared to the same period of the previous year.

(€/000)ANALYSIS OF COSTS 31/03/2018 31/03/2017 ChangePersonnel expenses 13,755 13,996 -1.7%Other costs 10,362 10,368 -0.1%Amortisation/Depreciation 2,544 2,293 11.0%Total cost by nature 26,661 26,657 0.0%

(€/000)

31/03/2018 31/03/2017 Change

60,001 58,038 3.4%

-883 -950 -7.1%Investment management costs 360 373 -3.5%

10,124 9,581 5.7%

Total 69,602 67,042 3.8%

Profit participation and other commissions received from reinsurers

Other administrative costs

Gross commissions and other acquisition costs

24

Real-estate business --- Service Business The overhead costs of the Real Estate and Service businesses, before intersegment eliminations, are shown in the following tables:

The increase in costs of the Services sector is mainly due to the entry into full operation of the activities of companies belonging to this sector.

Personnel costs and general expenses are allocated to operating expenses (and specifically to ‘‘Other administrative costs’’). Depreciation and amortisation costs are allocated to the ‘‘Other costs’’ item in the income statement.

Employees As at 31 March 2018 Vittoria Assicurazioni and fully consolidated companies had 593 employees vs. 599 as at 31 December 2017 and 605 as at 31 March 2017. The average number of employees on the payroll, split by contractual category and calculated on an active in-force basis, was as follows:

REAL ESTATE BUSINESS(€/000)

ANALYSIS OF COSTS 31/03/2018 31/03/2017 ChangePersonnel expenses 784 937 -16.3%Other costs 1,874 1,737 7.9%Amortisation/Depreciation 150 153 -2.0%Total cost by nature 2,808 2,827 -0.7%

SERVICE BUSINESS(€/000)

ANALYSIS OF COSTS 31/03/2018 31/03/2017 ChangePersonnel expenses 87 52 67.3%Other costs 224 142 57.8%Amortisation/Depreciation 28 1 n.v.Total cost by nature 339 195 73.9%

25

Investments --- Cash & cash equivalents - Property Investments, cash & cash equivalents and property reached a value of € 3,700,269 thousand with an increase equal to 2.4% vs. 31/12/2017. The detailed breakdown is shown in the following table:

For the purposes of the information required regarding the temporary exemption from IFRS 9, it should be noted that, from the analysis conducted, the financial assets referred to point B (fair value as at 31 March 2018 equal to €40,522 thousand vs. a fair value of €46,849 thousand as at 31 December 2017) and the bonds and other fixed-interest securities referred to point C of the aforementioned table, fall within financial assets with contractual terms that provide for certain financial flows represented solely by payments of capital and interest on the amount of the capital to be repaid. This category does not include the assets classified under loans and receivables, the remaining assets referred to point C and the activities referred to points D and E. With reference only to the financial assets referred to point B and to the bonds and other fixed-interest securities referred to point C, as can be seen from the table below, as at 31 March 2018, the almost totality was classified as investment grade:

(€/000)

INVESTMENTS - CASH AND CASH EQUIVALENTS - PROPERTY 31/03/2018 31/12/2017 Change

A Investments in subsidiaries and associates and interests in joint ventures 19,618 19,357 1.3%B Held to maturity investments 37,936 44,051 -13.9%

Loans and receivables 198,034 192,126 3.1% - Reinsurance deposits 149 149 - Other loans and receivables 197,885 191,977

C Financial assets available for sale 2,519,571 2,556,399 -1.4% - Equity investments 132,093 129,515 - OEIC units 471,404 399,154 - Bonds and other fixed-interest securities 1,916,074 2,027,730Financial assets at fair value through profit or loss 76,903 76,589 0.4%

D Financial assets held for trading 9 13 -30.8% - Bonds and other fixed-interest securities held for trading 9 13

E Financial assets at fair value through profit or loss 76,894 76,576 0.4% - Investments where policyholders bear the risk 76,894 76,576Cash and cash equivalents 240,510 113,650 111.6%

F Total Property 607,697 611,865 -0.7%Investment property 110,201 111,240 -0.9%Property 497,496 500,625 -0.6%Property under construction 52,441 50,946Property held for trading 348,736 352,276Owner-occupied property 96,319 97,403TOTAL INVESTMENTS 3,700,269 3,614,037 2.4% of whichinvestments where the Group bears the risk 3,623,375 3,537,461 2.4%investments where policyholders bear the risk 76,894 76,576 0.4%

(€/000)

Rating Amount % of breakdownAAA 153,127 7.8%AA+ / AA- 237,013 12.1%A+ / A- 241,078 12.3%BBB+ / BBB- 1,310,750 67.2%

Total investment grade 1,941,968 99.4%Non investment grade 11,922 0.6%Not rated 121 0.0%Total 1,954,010 100.0%

26

Investments benefiting Life policy holders who bear risk and those connected with pension fund management (point E of previous table) As at 31 March 2018 these investments amounted to €76,894 thousand, increasing by 0.4% YoY. Of this amount, €52,884 thousand related to unit linked policies and €24,010 thousand to the open-ended pension fund Vittoria Formula Lavoro. Total net income showed a negative net balance of €1,140 thousand (positive net balance of €1,263 thousand as at 31 March 2017). As at 31 March 2018 the status of the three segments of Vittoria Assicurazioni open-ended pension fund was as follows:

Investments for which Group bears risk Investments with risks borne by the Group totalled €3,623,375 thousand (€3,537,461 thousand as at 31 December 2017) increasing by 2.4% YoY. Real Estate Investments F) Property

As at 31 March 2018, real estate assets totalled €607,697 thousand. The following table shows the breakdown and changes of these real estate assets:

The item "Investment property" mainly includes the properties held by Vittoria Assicurazioni and leased to third parties, such as those with tertiary destination located in the Portello area in Milan.

Previdenza Garantita 427 430 7,184 7,077 Previdenza Equilibrata 503 502 8,994 9,103 Previdenza Capitalizzata 397 397 7,833 7,845

Members Assets(€/000)

31/03/2018 31/12/2017 31/03/2018 31/12/2017

(€/000)

Investment Property

Property under

construction

Property held for trading

Owner-occupied property Total

111,240 50,946 352,276 97,403 611,865

- MILAN - Parco Vittoria (via Acacia 2000 S.r.l.) 82 82 - ROME - Guattani Str. (via Immobiliare Bilancia S.r.l.) 65 65 - MILAN - Adamello Str. (via Immobiliare Bilancia Prima S.r.l.) 1 1 - PESCHIERA BORROMEO (MI) - (via Immobiliare Bilancia I S.r.l.) 46 46 - ROME - Meliconi Str. (via Immobiliare Bilancia Prima S.r.l.) 15 15 - ROME - Della Vignaccia Str. (via VRG Domus S.r.l.) 1,444 1,444 - PARMA - (via Immobiliare Bilancia Prima S.r.l.) 51 51

Total purchase and capitalised interests paid - 1,495 209 - 1,704

- MILAN - Parco Vittoria (via Acacia 2000 S.r.l.) (3,917) (3,917)- SAN DONATO MILANESE (MI) - (via Vittoria Immobiliare S.p.A.) (73) (73)

- TURIN - Villarfocchiardo (via Vittoria Immobiliare S.p.A.) (28) (28)- PESCHIERA BORROMEO (MI) - (via VP Sviluppo S.r.l.) (290) (290)- TORINO - "Spina 1" (via V.R.G. Domus S.r.l.) (225) (225)

Total sales - - (4,533) - (4,533)

Depreciations (1,039) (1,084) (2,123)Recognised gains 784 784

110,201 52,441 348,736 96,319 607,697

Balance as at 31/12/2017

Purchase and capitalised interests paid

Sales:

Balance as at 31/03/2018

27

Changes in financial assets The following table illustrates the changes recorded up through 31 March 2018 in financial assets with the risk borne by Group Companies for equity investments, bonds and other fixed-income securities, and OEIC and AIF units, and changes in the assets where the risk is borne by policyholders and related to pension funds:

The main operations that have affected in the first three months of the financial year are the follows: B) Held to maturity investments: - reimbursement of bonds for €6,005 thousand. C) Financial assets available for sale

- reimbursement of bonds for €37,514 thousand; - during the quarter, in order to adjust the investment portfolio to the profitability and maturity targets

consistent with the investment policy, government bonds for €243,191 thousand and corporate bonds for € 7,556 thousand were sold, realizing net capital gains of €69 thousand, and corporate bonds were purchased for €185,498 thousand;

- purchases for €36,369 thousand of funds specialized in Infrastructure debt; - purchases for €10,301 thousand of funds specialized in Infrastructure equity and reimbursement for €726

thousand; - purchases for €13,976 thousand of equity ETFs; - purchases for €5,430 thousand of funds specialized in Private debt and loans; - relating to private equity funds, payments of €3,442 thousand for recalls and €90 thousand of

redemptions; - subscription of the capital increase of the company Consultinvest S.p.A. for €2,500 thousand, acquiring a

9.62% stake.

(€/000)

Financial assets at fair value through

profit or loss

Financial assets held for

trading

Equity investments

UCITS AIF units

Bonds and other fixed-

interest securities

Total

Assets where the risk is borne by

policyholders and related to pension

funds

Bonds and other fixed-

interest securities

Carrying amount at 31/12/2017 44,051 129,515 399,154 2,027,730 2,556,399 76,576 13 2,677,039

Acquisitions and subscriptions 2,500 69,518 185,498 257,516 4,378 261,894

Sales and repayments -6,005 -816 -288,261 -289,077 -3,136 -298,218

Other changes: - effective interest adjustments 10 -5,759 -5,759 -5,749 - fair value adjustments 109 3,654 4,524 8,287 -171 -4 8,112 - charged to P&L -106 -538 -644 -644 - rate changes -120 -7,120 -7,120 -7,240 - other changes -31 -31 -753 -784

Carrying amount at 31/03/2018 37,936 132,093 471,404 1,916,074 2,519,571 76,894 9 2,634,410

Held to maturity investments

Financial assets available for sale

Total

28

Financial liabilities The following table shows the breakdown of financial liabilities relating to contracts for which policyholders bear investment risk and of other financial liabilities, highlighting subordinated liabilities:

The item "Other financial liabilities" grew compared to 31 December 2017 due to commitments made by Vittoria Assicurazioni to finance alternative investments in private equity, private debt, infrastructure equity/debt funds and loans funds.

(€/000)

FINANCIAL LIABILITIES 31/03/2018 31/12/2017 Change

Financial liabilities where the investment risk isborne by policyholders and arising frompension fund management 76,894 76,576 0.4% - Financial liabilities where the investment risk is borne by policyholders relating to index- and unit-linked policies 52,884 52,440 - Financial liabilities where the investment risk is borne by policyholders relating to pension funds 24,010 24,136Othe financial liabilities 166,876 161,301 3.5% - Reinsurance deposits 6,418 6,418 - Payables to banks 9,914 9,913 - Other financial payables 1,152 1,152 - Other financial liabilities 149,392 143,818

TOTAL FINANCIAL LIABILITIES 243,770 237,877 2.5%

29

Gains and losses on investments The following table shows the breakdown as at 31 March 2018 of net gains on investments, with separate disclosure of investments where the risk is borne by life policyholders:

Net income with the risk borne by the Group amounted to €12,018 thousand, decreasing by 10.5% compared to the same period of the previous year. As up to 31 March 2018 the weighted average return on "Bonds and other fixed-income securities" was 1.7% compared to 1.5% in the previous period.

(€/000)

Gains and losses on investmentsRealised

gains/ (losses)

Unrealised gains/

(losses)

31/03/2018 total net

gains/(losses)

31/03/2017 total net

gains/(losses)

11,577 -2,070 9,507 13,513

a investment property 989 -1,043 -54 72b investments in subsidiaries and associates and interests in joint ventures -39 - -39 68c held to maturity investments 383 - 383 434d loans and receivables 135 - 135 144e financial assets available for sale 10,226 - 10,226 11,533f financial assets held for trading - -4 -4 -1g financial assets at fair value through profit or loss -117 -1,023 -1,140 1,263

108 - 108 6029 - 29 44

-60 1,140 1,080 -1,419

b financial liabilities at fair value through profit or loss - 1,140 1,140 -1,263c other financial liabilities -60 - -60 -156

- - - -

11,654 -930 10,724 12,198

a Gains on property trading 784 - 784 1,157b Rent income on owner-occupied property and property held for trading 510 - 510 75

1,294 - 1,294 1,232

12,948 -930 12,018 13,430

Financial liabilities

Total gains and losses on financial instruments

Total gains and losses on investments

Real estate business

From:

Total real estate business

Payables

Investments

Other receivablesCash and cash equivalents

From:

From:

30

Equity The breakdown of equity as at 31 March 2018 is shown in the following table:

Significant events occurring after quarter-end There were no significant events to report.

The Board of Directors

Milan, 4 May 2018

(€/000)

BREAKDOWN OF EQUITY 31/03/2018 31/12/2017 Change

Total equity attributable to the shareholders of the parent 836,192 828,636 0.9%

Share capital 67,379 67,379 0.0%

Equity-related reserves 33,874 33,874 0.0%

Income-related and other reserves 631,542 572,926 10.2%

Fair value reserve 80,705 76,985 4.8%

Other gains or losses recognised directly in equity -11 -11 n.v.

Group profit for the year 22,703 77,483 -70.7%

Total equity attributable to minority interests 188 191 -1.6%

Share capital and reserves attributable to minority interests 191 194 -1.5%

Minority interests' profit for the year -3 -3 n.v.

Total consolidated equity 836,380 828,827 0.9%

31

32

Consolidated interim financial statements

33

Vittoria Assicurazioni S.p.A.Consolidated financial statements as at 31 March 2018

(€/000)

Income Statement 31/03/2018 31/03/2017 31/12/2017

Net premiums 325,945 311,081 1,270,013Gross premiums 333,622 318,115 1,311,685Ceded premiums 7,677 7,034 41,672

Commission income 591 88 333Gains or losses on remeasurement of financial instruments at fair value through profit or loss -4 -1 7Gains on investments in subsidiaries and associates and interests in joint ventures 135 170 529Gains on other financial instruments and investment property 12,726 13,864 51,650

Interest income 7,837 6,870 29,969Other income 4,587 6,977 19,455Realised gains 302 17 2,226Unrealised gains - - 0

Other income 4,393 3,236 23,483TOTAL REVENUE 343,786 328,438 1,346,015Net charges relating to claims 226,769 217,667 900,482

Amounts paid and change in technical reserves 230,669 222,418 942,541Reinsurers' share -3,900 -4,751 -42,059

Commission expense 215 226 117 Losses on investments in subsidiaries and associates and interests in joint ventures 174 102 1,717Losses on other financial instruments and investment property 1,959 1,733 9,971

Interest expense 60 157 342Other expense 731 570 2,588Realised losses 125 7 149Unrealised losses 1,043 999 6,892

Operating costs 71,763 69,162 289,860Commissions and other acquisition costs 58,586 56,582 238,921Investment management costs 360 373 2,019Other administrative costs 12,817 12,207 48,920

Other costs 10,605 9,005 33,030TOTAL COSTS 311,485 297,895 1,235,177PROFIT FOR THE YEAR BEFORE TAXATION 32,301 30,543 110,838Income taxes 9,632 8,715 33,068PROFIT FOR THE YEAR 22,669 21,828 77,770GAIN (LOSS) ON DISCONTINUED OPERATIONS 31 - - 290 CONSOLIDATED PROFIT (LOSS) 22,700 21,828 77,480of which attributable to the shareholders of the parent 22,703 21,810 77,483of which attibutable to minority interests -3 18 -3

0 0 0Basic EARNINGS per share 0.34 0.32 1.15

Diluted EARNINGS per share 0.34 0.32 1.15

34

Vittoria Assicurazioni S.p.A.

(€/000)

31/03/2018 31/03/2017 31/12/2017 22,700 21,828 77,480 - 0 252 - - - - - - - - - - - - - 0 252 - - -

3,720 -8,335 18,373 - - -

3,720 -8,335 18,373 - - - - - - - - - - - - - - -

3,720 -8,335 18,62526,420 13,493 96,10526,423 13,475 96,108

-3 18 -3

Consolidated financial statements as at 31 March 2018

COMPREHENSIVE INCOME (LOSS) CONSOLIDATED PROFIT (LOSS)Other comprehensive income, net of taxes without reclassification to profit or loss

Changes in the equity of investeesGains or losses on non-current assets or assets of a disposal group classified as held for sale

Changes in the equity of investeesChanges in intangible asset revaluation reserveChanges in tangible asset revaluation reserveGains or losses on non-current assets or assets of a disposal group classified as held for saleActuarial gains and losses and adjustments related to defined benefit plansOther itemsOther comprehensive income, net of taxes with reclassification to profit or lossChange in translation reserveGains or losses on available for sale investmentsGains or losses on hedging instruments Gains or losses on hedging instruments of net investment in foreign operations

Other itemsTOTAL OTHER COMPREHENSIVE INCOME TOTAL CONSOLIDATED COMPREHENSIVE INCOME (LOSS)of which attributable to the shareholders of the parentof which attibutable to minority interests

35

Vitt

oria

Ass

icur

azio

ni S

.p.A

.C

onso

lidat

ed f

inan

cial

sta

tem

ents

as

at 3

1 M

arch

201

8

(€/0

00)

31/0

3/20

1831

/03/

2017

31/0

3/20

1831

/03/

2017

31/0

3/20

1831

/03/

2017

31/0

3/20

1831

/03/

2017

31/0

3/20

1831

/03/

2017

31/0

3/20

1831

/03/

2017

Net

pre

miu

ms

281,

651

262,

592

44,2

944 8

,489

-

-

-

-

-

-

325,

945

311,

081

Gro

ss p

rem

ium

s28

9,01

526

9,43

344

,607

4 8,6

82

-

-

-

-

-

-

33

3,62

231

8,11

5C

eded

pre

miu

ms

7,36

46,

841

313

193

-

-

-

-

-

-

7,67

77,

034

Com

mis

sion

inco

me

-

-

591

88

-

-

-

-

-

-

59

188

Gai

ns o

r lo

sses

on

rem

easu

rem

ent

of f

inan

cial

in

stru

men

ts a

t fa

ir va

lue

thro

ugh

pro

fit o

r lo

ss

-

-

-

4 -1

-

-

-

-

-

-

-

4

-1

Gai

ns o

n in

vest

men

ts in

sub

sid

iarie

s an

d

asso

ciat

es a

nd in

tere

sts

in jo

int

vent

ures

413

-

-

30

210

94

168

-3

0-2

1113

517

0

Gai

ns o

n ot

her

finan

cial

inst

rum

ents

and

in

vest

men

t p

rop

erty

3,77

33,

786

8,72

29,

915

280

240

0

13

-4

9-9

012

,726

13,8

64

Oth

er in

com

e1,

414

1,99

328

791,

799

1,87

073

852

341

4-1

,229

4,39

33,

236

TO

TA

L R

EV

EN

UE

28

6,8

79

26

8,3

74

53

,63

15

8,5

70

2,1

09

2,3

20

83

27

04

33

5-1

,53

03

43

,78

63

28

,43

8N

et c

harg

es r

elat

ing

to

clai

ms

179,

058

166,

143

47,7

5451

,549

-

-

-

-

-43

-25

226,

769

217,

667

Am

ount

s p

aid

and

cha

nge

in t

echn

ical

re

serv

es18

2,18

716

9,40

248

,525

53,0

41

-

-

-

-

-4

3-2

523

0,66

922

2,41

8

Rei

nsur

ers'

sha

re-3

,129

-3,2

59-7

71- 1

,492

-

-

-

-

-

-

-3,9

00-4

,751

Com

mis

sion

exp

ense

-

-

2

15

2

26

-

-

-

-

-

-

2

15

2

26

Loss

es o

n in

vest

men

ts in

sub

sid

iarie

s an

d

asso

ciat

es a

nd in

tere

sts

in jo

int

vent

ures

500

-

-

1 24

1

02

-

-

-

-

174

102

Loss

es o

n ot

her

finan

cial

inst

rum

ents

and

in

vest

men

t p

rop

erty

1,17

192

465

767

917

922

1

2 0

-50

-91

1,95

91,

733

Op

erat

ing

cos

ts65

,654

62,5

473,

948

4,49

52,

658

2,67

631

019

4-8

07-7

5071

,763

69,1

62O

ther

cos

ts7,

919

8,10

184

462

922

753

398

222

1,21

7

-

10,6

059,

005

TO

TA

L C

OS

TS

25

3,8

52

23

7,7

15

53

,41

85

7,5

78

3,1

88

3,0

52

71

04

16

31

7-8

66

31

1,4

85

29

7,8

95

PR

OF

IT F

OR

TH

E Y

EA

R B

EF

OR

E T

AX

AT

ION

33

,02

73

0,6

59

21

39

92

-1,0

79

-73

21

22

28

81

8-6

64

32

,30

13

0,5

43

Inc

om

e s

tate

me

nt

by

bu

sin

ess

an

d

bu

sin

ess

lin

e

Ne

t g

ain

s a

nd

c

ost

s/lo

sse

sR

ea

l est

ate

bu

sin

ess

Inte

rse

gm

en

t e

limin

atio

ns

No

n-l

ife b

usi

ne

ssL

ife b

usi

ne

ssS

erv

ice

bu

sin

ess

36

Vitt

oria

Ass

icur

azio

ni S

.p.A

.C

onso

lidat

ed f

inan

cial

sta

tem

ents

as

at 3

1 M

arch

201

8

Det

ail o

f in

sura

nce

tech

nica

l ite

ms

(€/0

00)

Gro

ss a

mo

un

tR

ein

sure

r's

sha

re o

f a

mo

un

tN

et

am

ou

nt

Gro

ss a

mo

un

tR

ein

sure

rs' s

ha

re

of

am

ou

nt

Ne

t a

mo

un

t

28

9,0

15

7,3

64

28

1,6

51

26

9,4

33

6,8

41

26

2,5

92

aP

rem

ium

s w

ritte

n28

0,99

27,

349

273,

643

263,

683

5,98

925

7,69

4b

Cha

nge

in p

rem

ium

s re

serv

e-8

,023

-15

-8,0

08-5

,750

-852

-4,8

98

18

2,1

87

3,1

29

17

9,0

58

16

9,4

02

3,2

59

16

6,1

43

aA

mou

nts

pai

d17

4,42

16,

021

168,

400

162,

811

5,48

115

7,33

0b

Cha

nge

in c

laim

s re

serv

es11

,449

-2,8

7314

,322

10,9

16-2

,040

12,9

56c

Cha

nge

in r

ecov

erie

s3,

683

193,

664

4,32

518

24,

143

dC

hang

e in

oth

er t

echn

ical

res

erve

s

-

-

-

-

-

-

NE

T P

RE

MIU

MS

44

,60

73

13

44

,29

44

8,6

82

19

34

8,4

89

48

,52

57

71

47

,75

45

3,0

41

1,4

92

51

,54

9a

Am

ount

s p

aid

25,5

1498

924

,525

35,1

231,

100

34,0

23b

Cha

nge

in r

eser

ve f

or a

mou

nts

to b

e p

aid

-1,4

75-

291

-1

,184

-3,1

43

2,24

1 -5

,384

cC

hang

e in

mat

herm

atic

al r

eser

ves

24,5

4774

24,4

7321

,240

-1,8

4623

,086

dC

hang

e in

tec

hnic

al r

eser

ves

whe

n in

vest

men

t ris

k is

b

orne

by

pol

icyh

old

ers

and

in r

eser

ves

aris

ing

fro

m

pen

sion

fun

d m

anag

emen

t

-

-

-

-

-

-

eC

hang

e in

oth

er t

echn

ical

res

erve

s-6

1-1

-60

-179

-3-1

76

NE

T C

LA

IMS

CO

ST

S

Life

bu

sin

ess

31

/03

/20

17

31

/03

/20

18

No

n-l

ife b

usi

ne

ss

NE

T P

RE

MIU

MS

NE

T C

LA

IMS

CO

ST

S

37

Declaration of Corporate Financial Reporting Manager The Corporate Financial Reporting Manager, Luca Arensi, herewith declares, pursuant to paragraph 2, Article 154/2 of the Italian Legislative Decree February 24th 1998 n.58, that the accounting disclosure contained in this Consolidated quarterly report as at 31 March 2018 matches documentary evidence, corporate books and accounting records. Milan, 4 May 2018 Luca Arensi The Corporate Financial Reporting Manager

38